Rickmers Group

Accounting standards

The Rickmers Group’s consolidated financial statements for the period ending 31 December 2015 are prepared in accordance with the International Financial Reporting Standards (IFRS) passed and issued by the International Accounting Standards Board (IASB) and the Interpretations of the International Financial Reporting Standards Interpretations Committee (IFRS IC) as adopted by the European Union (EU). The Rickmers Group’s consolidated financial statements are prepared in application of the regulations contained in Directive (EC) No. 1606/2002 of the European Parliament and Council dated 19 July 2002 concerning the application of International Accounting Standards. The supplementary requirements set out in section 315a (3) of the German Commercial Code (HGB) have been met – exempting Rickmers Group from its obligation to prepare consolidated financial statements according to HGB. Due to early application of all endorsed standards, Rickmers Group’s consolidated financial statements are also in line with IFRS from the IASB.

The consolidated financial statements are prepared in euros and cover the period from 1 January to 31 December 2015. Unless otherwise stated, all amounts are given in € thousand. All figures reported are rounded according to normal commercial practice, so minor deviations may occur through addition of these amounts.

The consolidated financial statements are audited by PricewaterhouseCoopers AG WPG, New-York-Ring 13, 22297 Hamburg, in accordance with section 317 of the German Commercial Code (HGB) and the German Generally Accepted Standards for the audit of financial statements promulgated by the Institute of Public Auditors in Germany (IDW).

The preparation of consolidated financial statements is essentially based on the recognition of assets and liabilities at amortised cost with the exception of financial assets and liabilities measured at fair value in accordance with IAS 39 – Financial Instruments: Recognition and Measurement.

The consolidated income statement is prepared using the nature of expense method. As required by IAS 1 – Presentation of Financial Statements, consolidated balance sheet items are classified as either current or non-current. For the sake of clarity, certain items in the consolidated balance sheet and consolidated income statement are combined. These items are disclosed and explained in greater detail in the notes to the consolidated financial statements.

The preparation of consolidated financial statements in accordance with IFRS involves the management making estimates, assumptions and judgements that affect the recognition and measurement of items in the consolidated balance sheet, consolidated income statement and consolidated statement of comprehensive income as well as the disclosure of contingent liabilities.